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Johnson & Johnson | 8-K:Resolve of All Current and Future Ovarian Cancer Talc Claims

SEC ·  Sep 21 04:22
Summary by Futu AI
On September 20, 2024, Johnson & Johnson announced that its subsidiary, Red River Talc LLC, filed for a voluntary prepackaged Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas. This strategic move aims to resolve all current and future ovarian cancer claims related to cosmetic talc litigation in the United States. The filing was supported by approximately 83% of the current claimants, surpassing the 75% approval threshold required by the U.S. Bankruptcy Code. After negotiations, Red River increased its settlement contribution by $1.75 billion, bringing the total to approximately $8 billion, to be paid over 25 years. This settlement is one of the largest in a mass tort bankruptcy case and offers claimants a better recovery than potential trial outcomes. Johnson & Johnson...Show More
On September 20, 2024, Johnson & Johnson announced that its subsidiary, Red River Talc LLC, filed for a voluntary prepackaged Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas. This strategic move aims to resolve all current and future ovarian cancer claims related to cosmetic talc litigation in the United States. The filing was supported by approximately 83% of the current claimants, surpassing the 75% approval threshold required by the U.S. Bankruptcy Code. After negotiations, Red River increased its settlement contribution by $1.75 billion, bringing the total to approximately $8 billion, to be paid over 25 years. This settlement is one of the largest in a mass tort bankruptcy case and offers claimants a better recovery than potential trial outcomes. Johnson & Johnson has won approximately 95% of ovarian cases tried to date. The Plan also has the backing of the Future Claims Representative and will resolve 99.75% of all pending talc lawsuits against Johnson & Johnson and its affiliates in the U.S. The remaining 0.25% of lawsuits, related to mesothelioma, are being addressed separately. Johnson & Johnson maintains that the talc-related claims are without merit, citing decades of independent expert reviews and regulatory bodies' findings.

This announcement is a separate document:

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